wired.com posted an article moments ago with a funny little flaw, allowing you to bypass the “lock code” configured on an iPhone.

The discovery by some Brazilian dude (read the article here – http://www.wired.com/threatlevel/2010/10/iphone-snoop/), notes the following procedure:

1. Press the emergency call buton
2. Dial ###
3. Push the call button, and immediately hit the “lock” button (power button, whatever you want to call the button on top of the phone)

This launches the “phone” application, allowing you to see recent call history, contacts, and the ability to call any number you want.

Pressing the home key doesn’t work in this mode, so you can’t get much further then that, but it’s an interesting security flaw!